The allergic asthma therapeutics market is estimated to be valued at US$ 7.26 Bn in 2023 and is expected to exhibit a CAGR of 3.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The allergic asthma therapeutics market exhibits a steady growth path with increasing awareness and demand for novel therapeutics for allergic asthma treatment. Allergic asthma occurs when airways become inflamed and swollen due to exposure to allergens like dust mites, pollen, mold, pet dander. Symptoms may vary from person to person but commonly include coughing, wheezing, chest tightness and shortness of breath.
Market Overview:
The allergic asthma therapeutics market consists of a wide range of pharmaceutical products used for treatment and management of allergic asthma. These include bronchodilators, anti-inflammatory drugs, monoclonal antibodies and allergen immunotherapy products. The growing demand for targeted drugs with minimal side effects is driving research and development of novel biologic therapies for allergic asthma treatment.
Market Key Trends:
One key trend driving growth in the allergic asthma therapeutics market is increasing awareness about novel biologic therapies. Biologic drugs like monoclonal antibodies target specific cytokines and cells responsible for allergic inflammation. This minimizes side effects associated with corticosteroids, the current standard of care. For instance, mepolizumab and reslizumab target interleukin-5 to reduce eosinophil levels. Dupilumab inhibits signaling of interleukin-4 and interleukin-13 cytokines. Such novel targeted therapies are gaining popularity and clinical approval for treatment of severe eosinophilic asthma. This is expected to positively impact adoption and growth of the market during the forecast period.
Porter's Analysis
Threat of new entrants: Low barriers of entry due to established distribution channels. However, intensive R&D requirements and presence of large players make entry difficult.
Bargaining power of buyers: Moderate, as large number of established treatment options available. Switching costs are low.
Bargaining power of suppliers: High, as suppliers have significant control over pricing of raw materials and devices.
Threat of new substitutes: Low, as no major substitute treatment available currently. However, focus on development of new biologics poses threat.
Competitive rivalry: Intense, as market dominated by few large multinational players. Pricing pressure exists due to generic competition.
SWOT Analysis
Strengths: Large patient pool and high treatment need. Higher investment in development of biologics and targeted therapies.
Weaknesses: High R&D costs. Lack of cure and relapsing nature require lifelong treatment. Patent cliffs of blockbuster drugs.
Opportunities: Emerging markets like Asia Pacific and Latin America offer high growth potential. Personalized medicine and combination therapies present opportunities.
Threats: Safety risks associated with long term use of drugs. Reimbursement and regulatory hurdles vary across regions. Resource constraints in developing countries.
Key Takeaways
The Global Allergic Asthma Therapeutics Market Demand is expected to witness high growth at a CAGR of 3.0% over the forecast period, driven by increasing pollution levels and changing environmental conditions. The market size is estimated to reach US$ 7.95 Billion by 2030.
Regional analysis indicates North America dominated the global market in 2023 with over 35% revenue share owing to developed healthcare infrastructure and higher adoption rates. However, Asia Pacific is expected to grow at the fastest pace during the forecast period, with China, India, Japan, and South Korea being the major markets driving demand.
Key players operating in the allergic asthma therapeutics market are ASLAN Pharmaceuticals, Takeda Pharmaceutical Company Limited, CHIESI Farmaceutici S.p.A., CSL, NIOX, Fountain Therapeutics, Eli Lilly and Company, GSK plc., Infinity Pharmaceuticals, Inc., Mabtech, Kineta Inc., Marinomed Biotech AG, Mycenax Biotech Inc., AstraZeneca, and Panacea Biotec. These players are focused on developing advanced biologics and targeted therapies to expand their market share.
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